Boykin sale approved

Boykin Lodging Co. shareholders approved the companys acquisition by the Canadian-led Braveheart Holdings LP, a partnership by Westmont Hospitality Group and Cadim Inc.
At a four-minute meeting this morning at Boykin's Cleveland Airport Marriott Hotel, results of shareholder votes were read and accepted. Shareholders soundly approved the deal, with 11.58 million shares, or 89% of the votes, cast in favor of it, compared with 1.19 million shares, or 9%, cast against the deal. About 64% of the eligible shareholders voted on the transaction.
In the transaction, Westmont and Cadim paid $416 million for Boykin and assumed debt for Boykin's remaining 19 hotels in 13 states.
Shareholders also approved a related transaction allowing Robert Boykin, Boykin chairman and CEO, to buy two of the company's Florida hotels for nearly $15 million to complete their planned conversion to resort-style condo hotels.
The Boykin hotels will become part of Westmont's 400-hotel portfolio, which includes properties in North America, Europe and Asia. Westmont has headquarters in its United States unit is based in Houston. Cadim is the Toronto-based real estate unit of Caisse de dépôt, a pension fund manager and financial concern.
Boykin shares traded at $10.37 at noon today. The transaction will pay shareholders $11 a share, minus pre-closing dividends the company expects to be $3.37 a share.